CORAL GABLES, FLA.—Bayview PACE announced a $19.8 million Commercial PACE financing for a new 140-room hotel that is starting construction in Oakhurst, Calif., just outside Yosemite National Park. The hotel is a development of Chicago-based Waterton, along with equity partner Argosy Real Estate of Wayne, Pa.
Located at 42071 Highway 41 in Oakhurst, the Outbound Yosemite Resort project involves expansion and redevelopment of an existing 13-room hotel and eight contiguous parcels. When complete, the resort will include 135 luxury accommodations consisting of Suites, Standard Rooms, and Cabins plus a full restaurant and bar, meeting spaces, a lobby-workstation area, an outdoor pool/whirlpool, outdoor seating area with fire pit, and associated parking. An additional five housing units are designated for workforce housing for local/area workers.
Outbound Yosemite Resort features great proximity to Yosemite National Park and other outdoors attractions of the Sierra Nevada Mountains and is 60 minutes from the Fresno-Yosemite International Airport. The general contractor for the hotel is Fresno-based Quiring General, LLC. The hotel operator will be Springboard Hospitality of Los Angeles.
“We are excited to provide C-PACE financing that can support the business objectives of great project sponsors like Waterton and Argosy,” said Jason Clouet of Coral Gables, Fla.-based Bayview PACE. “Bayview PACE is a market-leader in offering C-PACE financing that provides borrowers ultimate flexibility, certainty of execution, and highly competitive terms.”
Commercial Property-Assessed Clean Energy financing (C-PACE) offers favorable and cost-effective terms for qualified improvements in energy, lighting, water systems, building envelope and other resiliency components, and it can be applied to new construction as well as renovations. C-PACE has been approved through legislation in 38 states, gaining popularity among real estate owners and the financial institutions looking to serve them.
